J&T Global Express (1519) Q2 2025 TU earnings summary

Executive summary

• Achieved group revenue of US$10.0Bn in 2024, up 13% year-over-year, driven by strong growth in Southeast Asia, China, and new markets.

• Adjusted EBITDA surged to US$778Mn, a 431% increase from 2023, with adjusted net profit turning positive for the first time at US$200Mn.

• Free cash flow turned positive at US$200Mn, reflecting improved operational efficiency and capital discipline.

• Maintained leading market positions: #1 in Southeast Asia (28.6% share), top 5 in China (11.3%), and top 5 in new markets.

• Total parcel volume for Q2 2025 reached 7,391.6 million, up 23.5% year-over-year, with strong growth across all regions.

Financial highlights

• Group revenue rose 16% to US$10.26Bn in 2024, with SEA, China, and new markets contributing 31%, 62%, and 7% respectively.

• Gross profit more than doubled to US$1.08Bn, with group gross margin improving to 10.5%.

• Adjusted EBIT reached US$301Mn, reversing a loss of US$335Mn in 2023.

• Operating cash flow increased to US$807Mn, and cash position at year-end was US$1.6Bn.

Outlook and guidance

• Focus on consolidating market leadership in Southeast Asia and China while steadily expanding in new markets.

• Continued investment in infrastructure, automation, and digitalization to drive cost efficiency and service quality.

• Targeting further margin improvement and profitability through refined management and leveraging China know-how overseas.